WEST VIRGINIA CODE

The authority is hereby authorized and empowered to invest any
funds not needed for immediate disbursement in any of the following
securities:

(1) Direct obligations of or obligations guaranteed by the
United States of America;

(2) Bonds, debentures, notes or other evidences of
indebtedness issued by any of the following agencies: Banks for
cooperatives; federal intermediate credit banks; federal home loan
bank system; Export-Import Bank of the United States; federal land
banks; the Federal National Mortgage Association or the Government
National Mortgage Association;

(3) Public housing bonds issued by public agencies or
municipalities and fully secured as to the payment of both
principal and interest by a pledge of annual contributions under an
annual contributions contract or contracts with the United States
of America; or temporary notes issued by public agencies or
municipalities or preliminary loan notes issued by public agencies
or municipalities, in each case, fully secured as to the payment
of both principal and interest by a requisition or payment
agreement with the United States of America;

(4) Certificates of deposit secured by obligations of the
United States of America;

(5) Direct obligations of or obligations guaranteed by the
state of West Virginia;

(6) Direct and general obligations of any other state within
the territorial United States, to the payment of the principal of and interest on which the full faith and credit of such state is
pledged:
Provided, That at the time of their purchase, such
obligations are rated in either of the two highest rating
categories by a nationally recognized bond-rating agency; and

(7) Any fixed interest bond, note or debenture of any
corporations organized and operating within the United States:
Provided, That such corporation shall have a minimum net worth of
fifteen million dollars and its securities or its parent
corporation's securities are listed on one or more of the national
stock exchanges:
Provided, however,
That (i) such corporation has
earned a profit in eight of the preceding ten fiscal years as
reflected in its statements, and (ii) such corporation has not
defaulted in the payment of principal or interest on any of its
outstanding funded indebtedness during its preceding ten fiscal
years, and (iii) the bonds, notes or debentures of such corporation
to be purchased are rated "AA" or the equivalent thereof or better
than "AA" or the equivalent thereof at least two or more nationally
recognized rating services such as Standard and Poor's, Dun &
Bradstreet or Moody's.

Note: WV Code updated with legislation passed through the 2016 Regular Session
The West Virginia Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.